Economic pressures

[Danny B]

Socialism coming to a country near you

In a perfectly free-interprise system, everybody has to work for a living. Bankers and bureaucrats are always trying to live off the productivity of others. To do this, they need very good control.
Communism gives them the greatest degree of control.
Socialism is second best.
Democracy is third best.
Democracy has the advantage of letting you believe that you are free. You are much more productive that way. Politicians can't help themselves. They continue to make promises to get elected. Most of these promises are connected to your standard of living. Democracy works for a while and then crashes when the promises come due.
Socialism, on the other hand, makes very vague promises usually related to jops. Fascism promises to make you a serf.
The PTB would prefer fascism but, you won't work hard. So, they settle for socialism as a command-and-distribution system. The production system is still capitalism though.

Currently, the PTB are making a big push for socialism. Socialism requires a LOT of lying to keep people from catching on;

"In the blink of
an eye this week, they made the size of the American economy grow by $560 billion."
This is but the latest addition to PHANTOM growth to cover up gross mismanagement of the economy
by Washington DC (District of Corruption). A few of the items of NEW growth created out of thin air include
double counting of R&D spending which is ALREADY contained in final sales numbers, another is unfunded
pension obligations are now called PAID wages. A report of growth
is nothing but an apparition (ghost).
When socialists can’t get the economy to grow they rely on doublespeak and newspeak for the masses. "

"This DEFICIT picture can be SEEN in every MAJOR economy in the world as governments/citizens attempt to
live beyond their means as they have done for over 5 DECADES. The size of the insolvency is
COMPOUNDING on itself at approximately 8% a year or 40% if you use GAAP rules."
https://www.dropbox.com/s/vn2ns09tvi...ter_080913.pdf
-----------------------------------------------------------------------------------------
OK, so we have an unpayable debt. It can end up 3 ways.
We default on it.
We inflate it away
We pay it off
We can never pay it off because the interest burden is compounded at the same time that the economy is shrinking.
We can't very well inflate it away becasue we are in stagflation. If prices rise when wages are declining, sectors of the economy will shut down. Any new money will just sit in the banks.
That leaves default. With a default, the dollar will be worthless for imports.
That will put a crimp in your Christmas shopping

[Danny B]

The Current Gold Standard

I'm back to gold because so few people inderstand it. The Bretton Woods agreement was worked out in 1944 to stabilize currencies. Any given democracy will print currency until the system blows. The gold-backed dollar was to be insurance that socialist-caused over-printing would not happen.

Socialist-caused overprinting happened anyway with LBJ's "Great Society"
At the same time, banker inspired overprinting was used to kick off the war in Viet Nam. The welfare-warfare state had been created. About 7 years later in 1971, the gold-backed dollar was kaput.
With some arm-twisting, Kissinger managed to create the petro-dollar. It took a lot of wars to maintain discipline with the oil producers who wanted to sell in other-than-dollars. The combination of Iran, China, Russia was too much for America to discipline. The dollar continues to lose favor as a reserve currency.

Gold appears to be relatively unimportant in the financial system. This is because both GOV and banks HATE it. Quoting Alan Greenspan;
"An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense — perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other."

Also from Greenspan; "Money is the common denominator of all economic transactions. It is that commodity which serves as a medium of exchange, is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving."
Alan Greenspan, Gold and Economic Freedom (1966)
You really should read the whole page.

SO, bankers and Statists hate gold and have forced it out of general circulation. ALL the parasites depend on a highly elastic currency. Gold does not allow this. So much for bankers and statists.

WHAT ABOUT COMMERCE? Greenspan, once again;
"Money is the common denominator of all economic transactions. It is that commodity which serves as a medium of exchange, is universally acceptable"
So, while bankers and statists/politicians abhor gold, commerce DEMANDS it.
Where does that leave us now?

Warren Buffet's father had this to say;
"I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it, unless you are willing to surrender your children and your country to galloping inflation, war and slavery then this cause demands your support. for if human liberty is to survive in America, we must win the battle to restore honest money. There is no more important challenge facing us than this issue -- the restoration of your freedom to secure gold in exchange for the fruits of your labors."
Tired Of Warren Buffett Trashing Gold? Here Are Some Quotes From His Gold-Loving Father - Business Insider


World gold production is about 2500 tons a year.
" Not futures. Not forwards. Not swaps and not options. And that's 2,700 tonnes changing hands every day!! It's actually much higher than that because that's only the LBMA banks reporting, and only a fraction of them at that. There's a bunch more trading worldwide. And the 2,700 tonnes is actually reported as 5,400 tonnes per day because of the way they report volume."
FOFOA: My Candid View – Part 4

Let that sink in. 2500 tons a year produced,,,,, 5400 tons a day bought and sold. Common denominator,,, medium of exchange
Commerce embraces gold on a daily basis. No matter what the banks and statists do, commerce demands gold. The commodities are actually exchanged for other commodities with gold as the benchmark. THEN, the price is worked out in currency. Commerce is on the gold standard while others are on the currency standard.

Look at the copper--gold price for 25 years.
http://www.infomine.com/investment/p...?v=pD8viQ_DhS4
Look at the price of oil in gold;
http://pricedingold.com/charts/Crude-2006.pdf
The price is moderately stable over the years. As the statists inflate the currency, commodities act like barter.

The West has been living beyond it's means for decades. Oil is the master resource. We have paid for it in dollars but, secretly paid a premium on top of that in gold. We even minted a special gold coin just for arab oil sellers. The gold has run out. It is well documented that there is 45,000 to 60,000 tons too much gold in the world if you take all the inventories at face value. Gold is extremely well tracked.

The FED gold does NOT belong to the FED. The 1934 gold act made it clear that the U.S. gold belongs to the treasury. The gold is stored in New York,,, along with all the gold that belongs to other countries. Germany tried to see their gold and were refused admission. The FED has a super-secure vault in New York for all this gold. It seems that one would notice if thousands of tons of gold went out the door.

J.P. Morgan also has a vault in New York for gold. J.P. Morgan recently anounced that they were getting out of commodities entirely. J.P. Morgan anounced that they are selling the building with the gold vault that is longer than a football field. They no longer need it. They sold off an enormous amount of gold and they report that almost all the gold is gone.
There is speculation that all the FED gold is gone also.

By the strangest of coincidences, the J.P. Morgan vault is next to the FED vault and even connected by a tunnel.
JPMorgan Is Selling The Building That Houses Its Gold Vault | Zero Hedge
So, there is 45--60K tons of gold too much in the world. The FED won't let anybody look in their vaults.

There is no defense for the Sunburn and Onyx missiles. Saudi Arabia has signed with China to build a huge refinery. I suspect that OPEC will flip over to Sino-Soviet protection when the U.S. gold runs out. They will probably try to get their money out of U.S. banks.
That was the breaking point of the system in the movie, "Rollover"
Rollover 1981... world economic collapse - YouTube

Rep Paul Kanjorsky explains that somebody tried to withdraw a LOT of money in one day. The system was shut down becasue the one-day withdrawal was expected to remove a total of $ 5.1 trillion.
CSPAN Rep Paul Kanjorski Reviews the Bailout Situation - YouTube

When the gold flow stops, we won't have our medium of exchange. International trade will trake place by barter ONLY. Internal trade will be crippled.

[Danny B]

Rockefellers vs Rothchilds

John Perkins wrote a book, "Confessions of an Economic Hitman".
Confessions of an Economic Hit Man - Wikipedia, the free encyclopedia
He stated that the average country has too many banks. When the economy shrinks, banks will close and some family or another will lose their banks.
The West has far too many banks and somebody is going to lose when the bond crash hits. Here are a couple of articles showing increasing prosecutions of bankers. The claim is made that various factions of the Rothchilds are fighting each other. Also, various factions of the Rockefellers are fighting each other AND the Rothchilds.

Banking Scandals as a Mirror to the Struggle for World Domination (I) > Strategic-Culture.org - Strategic Culture Foundation
Banking Scandals as a Mirror to the Struggle for World Domination (II) > Strategic-Culture.org - Strategic Culture Foundation

The article goes on to claim that a "third force" is also battling with the big banking families. The articles ring true because we have seen recent prosecutions. Also, the LIBOR scandal should NEVER have seen the light of day. It is already obvious that America is attacking the eurozone.
The weapons of these wars will be economic. In India, they have a saying, "when the elephants fight, it is the grass that suffers"

[Danny B]

S&L problems and banker protection

Several years ago, the bankers got the regulatory agencies to change the laws as regard to savings-and-loan institutions. They reamed the system real good and the public had to pay up about $ 1 trillion. The downside for the bankers is that about 1,000 people went to jail.
The bankers got to work putting their people at the head of the various regulatory bodies so that nobody would go to jail the next time. No matter how bad the violations, everybody went free.
Everyone has seen the headlines.
Justice Department won't prosecute Goldman Sachs for financial crisis | Fox News

This article lays out how the bankers got their Get out of jail free card.
OpEdNews - Article: The Incredible Con the Banksters Pulled on the FBI

[Danny B]

Interest rates

Historically interest rates have stayed about 5-6%. The standard for interest rates is the 10 year Treasury note. "On Friday, it opened at 2.76% and hit a high of 2.86% before closing at 2.83%". OK, so what happens of it goes up a bit?
"according to a Bank of America Merrill Lynch investor survey, the 3.5 percent mark is when the collapse of the bond market is likely to become "disorderly"..."
I suspect that "disorderly" means everybody heading for the exits at the same time. Guest Post: What Is Going To Happen If Interest Rates Continue To Rise Rapidly? | Zero Hedge
A sharp rise in interest rates would cause the $ 441 trillion interest-rate-swaps market to have problems.

Europe seems to have a budget problem also. "there was already a $4 trillion hole in the European banking system." Ho Hum, England has problems too. "We then had the revelation that the Bank of England had dumped a staggering 1,300 tons of physical gold into the market that they were supposed to be safely storing for other countries. The Bank of England wouldn’t even comment, they just pleaded the 5th."

Russia doesn't trust out banks; "(Prime Minister Dimitry) Medvedev, where he advised all Russians to get their money out all Western banks because there was going to be a bail-in."
My Blog

Americans don't seem particularly prepared for any real problems;
"-53 percent of all Americans do not have a 3 day supply of nonperishable food and water in their homes.

-One survey asked Americans how long they thought they would survive if the electrical grid went down for an extended period of time. Incredibly, 21 percent said that they would survive for less than a week, an additional 28 percent said that they would survive for less than two weeks, and nearly 75 percent said that they would be dead before the two month mark.

Those numbers are absolutely appalling.

When the system fails, most people are going to be completely blindsided by it and millions upon millions of people are going to absolutely freak out."
Those That Are Not Preparing For The Coming Economic Depression Are Going To Bitterly Regret It

[Danny B]

bankers/regulators

The big bankers are a twisted lot. They think of money all day and night. Problem is,, the money doesn't belong to them. That doesn't stop them from dipping into customer funds and gambling with them. After the '29 crash, congress passed the Glass-Steagal act to keep bankers away from customer funds. The bankers eventually got that act thrown out so that they could gamble with customer funds again. Morality NEVER entered the picture.
Bankers arrange a revolving door out of banking and into politics. This lets them block any regulation that migh stop the stealing. The stealing goes
on night and day.
The crackdown on bank misbehavior masks a troubling reality | Bethany McLean

Not happy with stealing from one country at a time, they used the World Trade Organization to force out depositor protection worldwide.
The Confidential Memo at the Heart of the Global Financial Crisis | VICE United Kingdom

The bankers-turned-regulators are now trying to solve the mess that they made. What Was Really Behind President Obama’s Meeting With Wall Street Regulators
It's too late.

[Danny B]

Hollande and socialism

"Socialism, on the other hand, makes very vague promises usually related to jobs."
Socialist Delusion: France Promises Full Employment, a Third Industrial Revolution, an Affordable Housing Utopia in 10 Years
Mish's Global Economic Trend Analysis: Socialist Delusion: France Promises Full Employment, a Third Industrial Revolution, an Affordable Housing Utopia in 10 Years
France is a total basket case. There are 750 urban areas where the police and fire dept can not enter. Multiculturalism on parade: French police can’t enter 750 Muslim enclaves
Marseilles is over run with criminals.
Marseille: Europe's most dangerous place to be young - Europe - World - The Independent
A French minister admitted that the country is totaly bankrupt.
Michel Sapin admits France is 'totally bankrupt' | Metro News
The socialists are delusional and France is beyond redemption.

[Danny B]

wage loss

To repeat; After WW II, America had 3% of the world's population and 50% of the world's manufacturing capacity. We built up a great life style. Meanwhile, the R.O.W. rebuilt their manufacturing capacity. This is more a matter of economics, not politics. America lost market share to low-wage competitors. Our wages should have gone down towards the global-mean wage. They didn't. We papered over the problem by spending tomorrow's wages (credit). That is coming to an end.



#3 The number of full-time workers in the United States is still nearly 6 million below the old record that was set back in 2007.

#4 It is hard to believe, but an astounding 53 percent of all American workers now make less than $30,000 a year.

#5 40 percent of all workers in the United States actually make less than what a full-time minimum wage worker made back in 1968.

#7 During the first four years of Obama, the number of Americans “not in the labor force” soared by an astounding 8,332,000. That far exceeds any previous four year total.

#13 Median household income in America has fallen for four consecutive years. Overall, it has declined by over $4000 during that time span.
33 Shocking Facts Which Show How Badly The Economy Has Tanked Since Obama Became President | SilverDoctors.com

While I'm no fan of obummer, low-wage competition is just a fact-of-life. The destruction was accelerated when congress approved all of the trade agreements,,, there is no doubt. Americans did their share also by buying all the foreign-produced goods.

The bankers are trying to maintain the price and credit structure when the wage structure is adjusting to competition. The FED is printing a $ trillion a year to rescue the credit markets. It takes a LOT of lying to keep investors from seeing the collapse. The socialistic control structure is collapsing.
https://www.dropbox.com/s/v1kyo536a7...ter_082213.pdf
As that fails, the police-state will take it's place.

[Danny B]

socialism and progressives

"the goal of socialism is communism" Vladimir Lenin.
AGENDA: Grinding America Down (Full Movie) FREE to watch for a limited time! on Vimeo

[Danny B]

Controlled demolition.

The vid posted above mentions the "Cloward-Piven strategy. This is a battle-plan developed by the communists of Chicago. From Wiki;
"The Cloward–Piven strategy is a political strategy outlined in 1966 by American sociologists and political activists Richard Cloward (1926–2001) and Frances Fox Piven (b. 1932) that called for overloading the U.S. public welfare system in order to precipitate a crisis that would lead to a replacement of the welfare system with a national system of "a guaranteed annual income and thus an end to poverty".
Cloward–Piven strategy - Wikipedia, the free encyclopedia

When the communists in America signed the free-trade agreements, they knew that this would eventually crash American employment. NOT to worry; Hillary Clinton said; we will get rid of all the dirty industries and just make high-tech stuff that the rest of the world can not make."
No problem, America will make super-sophisticated satelites and end all other manufacturing.

The planned-for crash of U.S. industry will indeed cause an overload of the safety net. 35% of all current income in America is from GOV transfer payments. Moving on, the rescue of the banking industry made the poor a LOT poorer. Prices inflated but, their income did NOT.
http://1.bp.blogspot.com/-jY_v59H5QA...Quintile+2.png

This is all layed out clearly in an article by Mish;
Mish's Global Economic Trend Analysis: Ivory Tower Academics, Inflation, and Kindness
The job-stripping was part of the plan. The huge increase in the safety net burden was part of the plan. The crash of GOV was part of the plan. Some people might believe that the communist crash of the economy is an effort to bring prosperity to the masses. Not true. It is just a control grab. "to precipitate a crisis",,,, this crisis that they hope to precipitate is going to destroy a LOT of people. The bankers wouldn't be allied with the communists if the main objective was not CONTROL.
Erskine Bowles: 'We Face The Most Predictable Economic Crisis In History'

This whole scenario has more that just a whiff of monarchist/elite control. Neo-Feudalism seems to be the desired outcome. The London bankers have never been bashful about their dreams of suppremecy. Even the Queen has to ask permission to enter the "Square Mile"..... reportedly, What You Didn't Know About Taxes & The 'Crown'

There isn't any possible way that a crisis/bubble this big will revert/unwind/pop without many millions of people dying.
"Karen Hudes (formerly of World Bank) Refers to a Return to Order, and a Methodical Clean-up of the Criminal Bank Sector Being Tidy. It will not be Neat and Clean. Instead, Disorder will come by Storm."
".Her implication of a return to order in the next several years has no chance whatsoever of happening. Disorder has taken root and is spreading like wildfire, not the least factor of which is the rampant food price inflation in the rest of the world. Most emerging market nations have seen roughly a 30% food price inflation effect in the last six months from the USFed monetary policy action"
"Be sure to know that the utmost respect is given Hudes for courage and forthright actions. But her views on a return to order are childlike.."
http://www.24hgold.com/english/news-...eepcaster&mk=1

Now, for the bad news, "Interestingly, Key Technicals are showing a short to mid-term price target for WTI. Crude of $150/bbl or more!"
Here is something that EVERYBODY needs to understand;
The FED inflates
Investors put that free money into commodities
Food prices go up
People revolt
http://www.smallwood.com.au/images/F...-Index-006.jpg

As we see in Egypt, Syria and Lybia, violence diminishes oil exports,,,, this drives up prices.... More revolts, etc.
Only price deflation can save us.
Only free energy can bring price deflation.

[Danny B]

Yellen and the brain trust

Janet Yellen is expected to be the new head of the Federal Reserve. Here are a list of her qualifications;
"Janet Louise Yellen (born August 13, 1946) is an American economist and professor, who is the Vice Chairwoman of the Board of Governors of the Federal Reserve System. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Chair of the White House Council of Economic Advisers under President Bill Clinton, and Professor Emerita at the University of California, Berkeley's Haas School of Business."

Great set of qualifications??? huh? Professor emeritus in Economics
Here is a quote from the esteemed professor. "“For my own part,” Ms. Yellen said, “I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.”
If This Guy Is What The Future Of America Looks Like, We Are In BIG Trouble
NOT very reassuring.

World stock markets are crashing and nobody has a solution. Not a real big surprise. The only previous solution was to print more currency. That isn't working anymore.
18 Signs That Global Financial Markets Are Entering A Horrifying Death Spiral

People just aren't spending money and there just isn't any cure for that.
Velocity of M2 Money Stock (M2V) - FRED - St. Louis Fed
If Yellen represents the epitome of economic brainpower, it isn't any surprise that things are crashing.

[Danny B]

Bnds and pensions

One of the upcoming financial battles will be the tug-of-war over who gets the money from bankrupt public entities. In the case of Detroit, the pensioners got about 7% and the bankers got much, much more. This decision is expected to set precedent and /or case law for future bankruptcies. The courts are openly owned by the bankers so, this is no surprise.
Both the pensions and the bonds are legitimate debts but, the courts are expected to always rule in favor of the bonds.
U.S. Government Prepares Mass Pension-Rape
Here is a vid of an Irishman asking a bank rep why unsecured bonds should take preference over all other debts. The banker tries to deflect everything that he can. He can't reasonable be expected to say "because we want the money."
Banker left Speechless by Irish Journalist - YouTube

Here is part 3 of a long revue of all the various problems, causes and perps.
TRYING TO STAY SANE IN AN INSANE WORLD – PART 3 « The Burning Platform
Here is a good article explaining that ALL risk eventually flows uphill and is held by GOV. Currently, every worker is responsible for about $ 503,000 in debt. Currently, every worker is expecting to collect a few $ million in SS and Medicare when he retires.
The Grand Experiment Part 2: Unlimited State Creation of Credit and Cash | Charles Hugh Smith | FINANCIAL SENSE

Hungary has kicked out the IMF and all the bankers. The last country to try that was pre-war Germany. Churchill said that trying to break free of the world's bankers was Germany's big crime.
Hungary Sheds Bankers’ Shackles | American Free Press
Interestingly enough, Hungary is arresting their last 3 prime ministers who got them in to all this debt.

Since there isn't enough money to go around, the bankers will take most of it. That will leave the pensioners to fight it out with current employees. That is when it will get REALLY ugly.

[Danny B]

France

LEAP produces the GEAB bulletins.
GEAB N°76 is available! Alert for the second half of 2013 – Global systemic crisis II: second devastating explosion/social outburst on a worldwide scale
They are French-centric and lament the fact that some world-financial-power group did not force America to clean up it's financial house. France is highly socialist and has the expected unfunded debt burden from trying to maintain a high standard of living.
France: On the Edge of the Periphery
In a general sense, wealth in the West is diminishing. The bankers are fighting to extract every cent that they can.
Europe Must Fight Back Against US-UK Speculative Attacks « TARPLEY.net

Banking is being squeezed out by alternate and more efficient industries.
They are trying to load up the whole world with unpayable debt loads. This will ,they hope give them an eternal income stream. Greece is paying 50% of their debt service just for interest.
Greek Default And A World Without Big Banks
In the end, everybody will lose.

[MonsieurM]

Greek Default And A World Without Big Banks
In the end, everybody will lose.

the above link did not work : found another link

Greek Default and a World Without Big Banks - TheStreet

[Danny B]

Robots, human nature and redundancy

Thanks, MonsieurM

Today's topic is the most difficult/discouraging of all; human nature.
I've posted a few compositions about robots and automation.
In the beginning, there was slavery.
The drawback was that your slave needed to be maintained.
Wage-slavery was next.
It was more efficient because you didn't have to maintain your slave.
The next rung up in efficiency, is the mechanical slave. You buy a tractor, pay no wages and only feed it when it works.
There is a worldwide, continual push to replace human workers with mechanical workers.
This has given Mankind astounding productive power. Since all men dream of living like a king, there is unlimited desire for consumption.

The limiting factor is purchasing power. In a primitive society, every man produces what he needs. He might have to barter for spearheads or salt or other minor things. In our non-agrarian society, most people have to work at some speciality and obtain all of their consumer goods in trade for their specialized labor. In non-monopoly commerce, man must offer his labor at the prevailing wage for his particular service.

In the last few decades, wage earners have received a decreasing slice of the pie (GDP). Our productivity is constantly rising but, our adjusted wages are falling. Mike Shedlock has written a fascinating article on the problem.

"Productivity, which measures the goods and services generated per hour worked, rose by 80.4% between 1973 and 2011, compared to a 10.7% growth in median hourly compensation,"

"Income stagnation does not reflect overall economic stagnation; the incomes of typical workers would be 30 or 40 percent higher than they are if inequality hadn’t soared."
Ah yes, where did this inequality come from?

"Smart machines may make higher GDP possible, but also reduce the demand for people — including smart people. So we could be looking at a society that grows ever richer, but in which all the gains in wealth accrue to whoever owns the robots."

"As noted above, technology has overtaken demographics. Before that happened, the Fed (central banks in general) could inflate at will, waiting for wages to rise with inflation."
THIS is the ever-present wage-price spiral that is no longer present

"However, the natural state of affairs as a result of productivity increases is falling prices (not rising nominal wages). One look at computer prices (where there is no government or union interference) should suffice to prove the point.

Yet the Fed is hell bent on preventing price deflation. The Fed succeeded but it has been a Pyrrhic victory.

Prices are going up, but wages have not kept up. It is as simple as that.

In the absence of Fed policies, wages would be stable to declining, but prices would fall more, and thus real wages would rise."

The PTB are hell-bent on maintaining the price structure AND the credit markets. They are maintaining prices in monopoly controlled markets.
Wages can not rise when the lowest cost producer is a machine. A major Chinese manufacturer bought 500,000 robots. So, it's not just low cost labor competition. As the industrial revolution relentlessly works its way up the "ability ladder", there will be an increasing loss of job niches.
Mish's Global Economic Trend Analysis: Income Inequality Explained: Why Wages Don't, Won't, and Can't Keep Up With Productivity

Capitalism has NO modus operandi to cope with this. Socialism has no M.O. either. Socialism kills all incentive. Suppose that 95% of the work was done by machines??? What would man do? Man's individual productivity is the focal point of his life. What happens when his productivity is no longer needed? Visit the ghettoes or Indian reservations to see what men on the dole do with their lives.

Was there a "timeclock" on the starship Enterprise? Some % of people would use free time to do research or art or education. Many would just kick back, eat and party.
As the machines accelerate our headlong crash into redundancy, man will have to come up with some way to keep inspired and occupied.